stocks-summary

Seoul shares snap 3-day rise on hotter U.S inflation; won sharply down

SEOUL, March 15 (Yonhap) -- South Korean stocks closed nearly 2 percent lower Friday to end a three-session winning streak, as investors locked in profits following hotter than expected U.S. inflation. The local currency fell sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 51.92 points, or 1.91 percent, to 2,666.84.

Trade volume was heavy at 575 million shares worth 12.9 trillion won (US$9.7 billion), with losers beating winners 557 to 224.

Institutional and foreign selling weighed down the KOSPI, which recorded a net 1.06 trillion won sell off, while retail investors purchased local stocks.

The market retreat came after the KOSPI's three-session winning streak on Thursday, when it hit an almost 2-year high. Overnight, Wall Street also lost ground after the February producer price index showed U.S. inflation was hotter than expected.

The Dow Jones Industrial Average fell 0.4 percent, and the S&P 500 dropped 0.3 percent. The Nasdaq Composite also shed 0.3 percent.





"The KOSPI retreated amid overnight Wall Street losses over the U.S. producer price index for February recording a six-month record high," said Kim Seok-hwan, an analyst at Mirae Asset Securities.

In Seoul, blue chips retreated across the board, with market heavyweight Samsung Electronics dropping 2.69 percent to 72,300 won and No. 2 chipmaker SK hynix sliding 0.43 percent to 161,200 won.

Financial shares also faced corrections following strong gains in the past few sessions. KB Financial fell 3.05 percent to 76,200 won and Shinhan Financial slipped 3.69 percent to 49,600 won.

Battery-related shares also declined amid a lingering worrisome U.S. electric vehicle market outlook. LG Energy Solution slumped 4.21 percent to 398,500 won and Samsung SDI dropped 4.71 percent to 425,000 won.

The local currency ended at 1,330.50 won against the greenback, sharply down 12.90 won from the previous session's close.

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